Allen & Overy advises on the First Sustainable Bond in El Salvador
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Allen & Overy (A&O) advised the Inter-American Investment Corporation (IDB Invest) as the sole purchaser in an issuance by Banco Promerica S.A., El Salvador (Banco Promerica) of the first sustainable bonds in El Salvador to finance green and social projects.
This USD20 million bond, which is the first part of the larger sustainable bond issuance program in El Salvador, will be used to finance small and medium-sized companies (SMEs), as well as women- and youth-owned businesses, and contribute to renewable projects through the expansion of green portfolios.
This sustainable bond contributes to the increased funding throughout Latin America to ramp up climate transition and reinforce long-term sustainability.
“The A&O team could not be more proud to work with IDB Invest and Banco Promerica on this transaction,” said Sami Mir, Washington, D.C.-based partner in the Projects, Energy and Infrastructure (PENRI) Group at A&O. “We are honored to have worked alongside IDB Invest and Banco Promerica on this impactful investment to support women led businesses and further energy transition in the region.”
The A&O deal team was led by partner Sami Mir, with support from associate Nancy Canales.
For further information, please contact Zach Harris in New York at pro-a&o@prosek.com.